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NEW QUESTION 58
According to Marshall, ______ are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
- A. Credentials
- B. Liabilities
- C. None of above
- D. Assets
Answer: D
NEW QUESTION 59
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:
- A. Turnaround sale or flip
- B. Unauthorized sale
- C. Conflict of interest in sale
- D. Written sale of unique assets
Answer: A
NEW QUESTION 60
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not results from theft.
- A. False
- B. True
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 61
Which of the following is NOT standard of generally accepted accounting principles?
- A. Full disclosure
- B. Cost
- C. Quality control
- D. Conservatism
Answer: C
NEW QUESTION 62
Collusion or bid-rigging between bidders is called
- A. Contract acceptance
- B. To withdraw low bids
- C. Bid solicitation
- D. Bribery receipt
Answer: A
NEW QUESTION 63
Bank statement are diligently reviewed to ensure that amounts and signature have not been altered, is an activity for:
- A. Check disbursement controls
- B. Bank reconciliation
- C. Account analysis
- D. Check tampering
Answer: A
NEW QUESTION 64
The most common method of detection in corruption cases is:
- A. Internal audits
- B. By accident
- C. Tips
- D. Internal controls
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 65
According to a survey, in principal perpetrator, males in a majority of cases, accounting for ___ percent of frauds versus ___ percent in which a female was the primary culprit.
- A. 62 versus 37
- B. 61 versus 39
- C. None of the above
- D. 62 versus 36
Answer: B
NEW QUESTION 66
Which of the following offender types in which people who take the money and run away?
- A. Offender types
- B. Absconders
- C. Long-term violators
- D. None of the above
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 67
Which of the following method is NOT used to detect conflicts of interest?
- A. Tips & Complaints
- B. Review of vendor ownership files
- C. Interviews with purchasing personnel
- D. Underbillings of assets
Answer: D
NEW QUESTION 68
People commit financial statement fraud to:
- A. Conceal false business performances
- B. Maintain personal income
- C. Stand outside the accounting system
- D. Preserve personal status/control
Answer: D
NEW QUESTION 69
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Duplicate checks
- B. Voided checks
- C. Missing checks
- D. Payable checks
Answer: C
Explanation:
Section: Investigation
NEW QUESTION 70
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.
- A. Deliberate writing of vague specifications
- B. Bid-splitting
- C. False specification
- D. Need recognition
Answer: A
NEW QUESTION 71
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.
- A. Two employees
- B. Single employee
- C. More then two employees
- D. None of the above
Answer: B
NEW QUESTION 72
What is sometimes used to overcome well-designed internal controls of a victim company?
- A. Shell company
- B. Collusion
- C. Rubber stamp supervisors
- D. Fraudulent invoices
Answer: B
NEW QUESTION 73
Larceny is the scheme in which an employee simply takes inventory from the company premises without attempting to conceal it in the books and records.
- A. True
- B. False
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION 74
Bank statement are diligently reviewed to ensure that amounts and signature have not been altered, is an activity for:
- A. Check disbursement controls
- B. Bank reconciliation
- C. Account analysis
- D. Check tampering
Answer: A
NEW QUESTION 75
A tangible asset is one which is:
- A. Both A & B
- B. capable of being perceived
- C. capable of being appraised
- D. Neither A nor B
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 76
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